Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
SOL, ADA Lead Crypto Majors' Gains as Bitcoin Traders Move Past $1B Liquidation Event

SOL, ADA Lead Crypto Majors' Gains as Bitcoin Traders Move Past $1B Liquidation Event

CoindeskCoindesk2023/08/24 00:44
By:Shaurya Malwa

Both tokens rose 3%, bitcoin and ether added as much as 1.2% and bnb (BNB) rallied 1% after staving off concerns about contagion risks in the BNB Chain ecosystem.

(Pixabay)

Solana (SOL) and cardano (ADA) led gains among major crypto tokens in the past 24 hours as the bitcoin (BTC) price gradually recovered from last week's liquidation event.

Both tokens rose 3%, bitcoin and ether added as much as 1.2% and bnb (BNB) rallied 1% after staving off concerns about contagion risks in the BNB Chain ecosystem. The CoinDesk Markets Index, a weighed collection of the largest tokens, rose 1.6%.

Among alternative currencies, maker (MKR) rose 6% as its boosted savings product found favor among investors, while AI-focused render (RNDR) jumped 9% after Nvidia (NVDA) topped second-quarter earnings estimates, proving the bullish AI trend is here to stay.

Last week, some $1 billion worth of crypto futures were liquidated after a sudden sell-off that hit trading volumes and the broader market recovery. Mentions of “buy the dip” echoed, and then fizzled out, among traders as the large move likely impacted traders and funds.

Now it seems large holders are returning to the market, aiding a recovery.

“Bitcoin jumped back as high as $26,800 Wednesday as key whale shark addresses are now collectively adding to their stacks once again,” on-chain analytics firm Santiment said in a tweet. “There are currently 156,660 wallets holding 10 to 10,000 $BTC, and they have accumulated $308.6M since August 17th.”

Gains in bitcoin came as European stocks and U.S. equity futures climbed in a broad-based rally fueled by surging tech shares, as per MarketWatch.

Edited by Sheldon Reback.

141

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Technical Analysis Reveals Potential Breakouts for BERA, XRP, and SUI Altcoins

In Brief BERA could jump by 70% if it surpasses its resistance level. XRP's "head and shoulders" pattern raises concerns about its price movement. SUI may experience a further increase of 28% if positive momentum continues.

Cointurk2025/03/31 20:55
Technical Analysis Reveals Potential Breakouts for BERA, XRP, and SUI Altcoins

VIPBitget VIP Weekly Research Insights

The RWA (Real-World Assets) sector has been gaining significant traction in the crypto space, as it tokenizes traditional assets like real estate and bonds to bridge the gap between TradFi and DeFi. This process unlocks trillions of dollars in potential value, while enabling broader access to high-value investments through asset fractionalization, increased liquidity, and lower entry barriers. RWA also diversifies and stabilizes DeFi collateral options, addressing the sector's over-reliance on crypto-native assets and paving the way for large-scale adoption. With regulatory frameworks becoming clearer worldwide, the compliance advantages of RWAs are increasingly evident—drawing in institutional capital. What sets RWA projects apart is their connection to real-world income streams like rent and interest payments, offering more sustainable returns than purely speculative assets. These cash-flow-generating features appeal to investors seeking steady returns. As such, RWA is seen as a crucial step in the evolution of blockchain technology from concept to practicality. Its development potential and practical use cases make it an important sector in the crypto industry today.

Bitget VIP2025/03/28 05:56
Bitget VIP Weekly Research Insights